What is the Financial Opportunity for Contractors?

Posted by: Brightwood Real Estate EducationUpdated: August 10, 2017

If you are thinking of becoming a residential or commercial contractor, there are a number of factors to consider to set yourself up for success. As with any financial opportunity there is a degree of risk, so it is best to consider your options within the profession as well as research your local market. Then create a business plan. Whether you have never been in business for yourself or are a seasoned veteran, the importance of a business plan is critical for success. By considering all the questions below, you will create a road map for success and ultimately determine your financial opportunity.

Items to Consider When Starting a Career as a Contractor

1. Will you personally be providing physical labor on projects? Is the business dependent on this?

2. Will you be working for someone else, or working for yourself? Self-employment is appealing to many people, and can be more rewarding, but it also often involves more work particularly if you are just entering the profession.

3. If you will be working for yourself, will you be starting a business from scratch or buying a franchise? There are several franchise options in the contracting field.

4. If you will be starting your business, what will be its structure? A corporation, partnership, etc? Consulting a good small business accountant and attorney bank will help you set up good business practices early.

5. Will you be a contractor part-time or full-time? Many contractors are only contractors part-time or seasonally, particularly when they are transitioning into the profession.

6. Will you need anyone to support your business? Many contractors need someone to help schedule appointments while they are on the job site.

If you're like most contractors, you got into this business because you have building skills and like working with your hands. But running a successful business sometimes requires skills you may not be incredibly comfortable or familiar with. This free guide provides 23 simple tips that you can employ to make the most of the time and effort you spend growing your business. Download your copy and learn how to begin taking steps forward in your contracting business today!